做只安静孤独的乌龟

　　Acting Attorney General Blanch confirmed in writing on Sunday evening that the Department of Justice will give up certain provisions in the agreement it reached with President Trump. The agreement is aimed at settling Trump’s lawsuit against the U.S. Internal Revenue Service. This move is intended to meet the demands of Republican senators, who had previously threatened to block his nomination as attorney general.
　　Republican senators who object to his nomination—Texas Sen. John Cornyn and North Carolina Sen. Tom Tillis—have already stated clearly that they will not support him as attorney general unless Blanch issues a written assurance confirming that the Department of Justice has officially halted a $1.8 billion fund program. The fund is intended to compensate individuals who claim they were unfairly targeted and oppressed by the government.

　　According to an insider, the Trump administration is considering charging international students $100,000 in exchange for a plan to stay and work in the United States after graduation.
　　If implemented, this could cause a more severe impact on student visa holders who have already been hit by recent immigration policies.
　　A White House official said there are no imminent policy changes, but neither did they deny that the proposal is being considered.
　　Once this policy takes effect, many international students would be unable to obtain the highly popular post-graduation visa extension. The extension, called “Optional Practical Training” (OPT), is a core component of the U.S. international student exchange program. It allows student visa holders to extend their stay in order to gain relevant work experience.

　　Swiss commodities trading giant Glencore said in a production report released on July 29 that its marketing division (including energy trading) expects first-half profits of $3.3 billion this year, about double the level of the same period last year. The figure is the second-highest since the energy crisis triggered by the Russia-Ukraine conflict in 2022, and is $1 billion higher than analysts had expected.
　　The sharp increase in performance was mainly driven by severe volatility in energy markets and soaring fuel prices caused by the geopolitical conflict in the Middle East. Since late February, when the United States and Israel launched military actions against Iran, major global oil traders have all reported unusually strong profit levels. Trafigura delivered a profit of $4.1 billion in the six months ended at the end of March, while Mercuria’s net profit doubled over the same period, recording the second-highest first-half profit on record.

　　In the early hours of July 29, Beijing time, U.S. stocks on Tuesday traded mixed. Driven by strong earnings reports, a drop in oil prices, and funds rotating from the semiconductor sector into other market sectors, the Dow closed up more than 500 points. The Nasdaq ended slightly lower. Traders were digesting the latest batch of corporate earnings reports.
　　The Dow rose 537.24 points, up 1.03%, to 52,747.32. The Nasdaq fell 55.17 points, down 0.22%, to 24,876.91. The S&P 500 index rose 15.60 points, up 0.21%, to 7,428.78.
　　The Dow Jones component Sherwin-Williams rose 8.2%. The company had previously reported second-quarter earnings that beat expectations. Beverage giant Coca-Cola shares climbed 5% after its revenue and profits both exceeded expectations and it raised its full-year earnings outlook.

　　Philip Lane, chief economist of the European Central Bank, said the ECB will assess its policy stance in September and may make adjustments.
　　Speaking at a panel discussion in Donegal, Ireland, Lane said that when calibrating interest rates, policymakers will respond based on the data that continues to be released. He said he believes the euro area economy is mainly supported by domestic demand and added that the United States is not the dominant force in global trade.
　　When asked how the ECB should respond to the geopolitical challenges it faces, Lane said, “Our job is more about reacting.” He added that the ECB’s response will be “neither overreacting nor reacting too little.”

　　Starting from the 31st of this month, if South Korean retail investors want to open new positions or add to positions in leveraged products tied to a single underlying asset, whether listed domestically or overseas, they must hold 30 million Korean won in cash in their accounts. Replacement collateral securities, such as stocks, exchange-traded open-ended index funds (ETFs), and bonds, will not be counted toward the minimum base margin.
　　On the 24th, the Financial Services Commission of South Korea said that in order to stabilize market demand for leveraged products tied to a single underlying asset and to protect investors’ rights and interests, it will advance the regulatory measure to raise the base margin ahead of the originally planned schedule, and will implement it formally on the 31st of this month.
　　Previously, when ordinary retail investors opened new positions in leveraged products tied to a single underlying asset, listed domestically or overseas, they were required to deposit 10 million Korean won as the base margin; cash in the account, as well as 70% of the market value of held stocks, ETFs, and bonds, could also be counted as base margin.

　　Brent crude oil prices hover around the $100 per barrel mark. Earlier, Houthi militants launched attacks on oil tankers in the Red Sea, opening a new front in the Middle East conflict. U.S. President Donald Trump has threatened to expand military strikes against Iran.
　　This global benchmark oil price fell on Friday, but it has risen 13.7% this week. In the previous trading session, it recorded the first break above the three-digit level in two months. WTI is trading near $92 per barrel. Trump warned that if ships in the Red Sea are attacked again, he will impose a “major military penalty” on Iran and the Houthis, and told Axios that he is considering launching a “large-scale attack” on Iran.

Canadian Prime Minister Mark Carney said Canada is weighing all possible retaliatory measures if it cannot reach an agreement with the United States to avoid 50% tariffs set to take effect next month.
“If an agreement cannot be reached, all options are on the table, depending on the outcome of the negotiations,” he told reporters on Thursday in Charlottetown, Prince Edward Island.
This week, the Trump administration in the United States invoked a law dating back to the Great Depression, threatening 50% tariffs on a range of Canadian products, including electrical equipment, packaging materials, hockey gear, and beer. The tariffs are expected to affect about 5% of Canada’s exports of goods to the U.S., with the earliest start date being August 19.

Special topic: Focus on the U.S. stock market’s Q2 2026 earnings reports
　　Total new orders increase 11% year over year, but orders in Greater China decline
　　Key takeaways
　　Finnish elevator manufacturer KONE remains on track with its full-year earnings guidance despite incurring substantial related expenses due to its proposed acquisition of German rival TK Elevator, as well as restructuring-related costs.
　　Finnish elevator and escalator manufacturer KONE (stock code: KNEBV, down 1.87%) announced that it will maintain its full-year performance target. The company is currently incurring several one-off expenses, mainly related to costs associated with its acquisition of rival German TK Elevator and business restructuring fees.

According to a report by Bloomberg on July 21 local time, sources familiar with the matter said that Apple will launch a device leasing program called the “Apple Upgrade” on July 28 in the United States to boost sales.
Bloomberg reported that the leasing program will operate on a subscription basis, allowing users to pay off the device cost in advance, switch to a new model before the lease term ends, or keep the device after the lease term ends.
This program will support most iPhone, Mac, iPad, and Apple Watch models, and will be launched simultaneously through Apple’s physical retail stores and online channels.

(Source: Inner Mongolia Daily)
Reprinted from: Inner Mongolia Daily
□By Reporter ?? Bai Lian
　　 After 17 complex processes, coking wastewater ultimately “transforms” into reusable reclaimed water. It can not only be used to raise fish, but also be reused in production, and even converted into chemical products with economic value. Relying on a green transformation of coal-to-chemical engineering, Hohhot Xuyang Zhongran Energy Co., Ltd. has achieved multiple breakthroughs in key processes.
　　　　 “We received a RMB 2 million R&D preparation fund subsidy, effectively leveraging corporate R&D investment. On this basis, the company has, one after another, built intelligent industrial bases for modern coal-to-chemical engineering, new energy, and a circular economy for new materials, accelerating breakthroughs in key core technologies.” Li Guo, director of the engineering technology research center of Hohhot Xuyang Zhongran Energy Co., Ltd., said.

Nvidia announced on July 21 its new-generation Spectrum-6 Ethernet switching system to support large-scale AI infrastructure based on the Vera Rubin platform. With a single-switch capacity of 102.4 Tbps—twice that of the previous generation—the system is designed to connect hundreds of thousands of GPUs and CPUs, providing network support for large-scale AI training, agent applications, and inference tasks.
Nvidia said that Spectrum-6 will serve as the core component of the next-generation Spectrum-X Ethernet platform. With high bandwidth, intelligent traffic management, and fault-recovery capabilities, it will improve the overall computing efficiency of AI factories. Early deployment users will include AI infrastructure builders such as CoreWeave, Microsoft, Nebius, SpaceXAI, and Tesla.

Written by | Fan Rongzhang
Edited by | Zhai Wenting
In the early hours of July 20 Beijing time, Spain defeated Argentina 1-0 after extra time to lift the trophy again for the first time in 16 years. With the final whistle, the month-long World Cup officially came to an end, and the brand marketing built around this tournament is now time for a retrospective.
The World Cup has always been a battleground for brands vying for attention. Some invite celebrities and talk about passion; others chase trends and craft quotable lines, hoping that between every stoppage and every goal, viewers will be left with an even deeper impression.
This year, the World Cup marketing regular BOSS Zhipin is still here. The difference is that this time it looks more restrained and more gentle.

　　Goldman Sachs said that if crude oil shipments through the Strait of Hormuz remain disrupted, Brent crude could rise to more than $120 per barrel by the fourth quarter of this year, although this scenario is not the bank’s baseline forecast.
　　Analysts, including those at ?DS?TRUYI-WEN, wrote in a research note on July 20 that “the situation in the Middle East has continued to escalate; the volume of crude oil shipments in the Persian Gulf is expected to have fallen to below 45% of pre-war levels, and multiple factors are driving oil prices to rise again.”
　　Goldman Sachs’ benchmark scenario is based on the assumption that tensions in the Middle East ease, forecasting an average Brent crude price of $80 per barrel in the fourth quarter and $75 per barrel next year. However, analysts said that due to risks of disruption to shipping through the Strait of Hormuz and the Red Sea, the upside risk to oil prices is significantly greater than the downside risk.

(Source: Caixin News)
As of 15:05 Beijing time on the 21st, the August-delivery gold futures price on the New York Mercantile Exchange (COMEX) was reported at $4,081.70 per ounce, up 1.64%; the September-delivery silver futures price was reported at $59.13 per ounce, up 3.61%.
As both sides of the Iran-U.S. standoff subsequently said they do not rule out settling the conflict through diplomatic channels, international oil prices fell in early trading on July 21. Concerns in the market about the Federal Reserve's interest-rate hikes being triggered by a rebound in inflation eased, and during the late session of Asian trading hours that day, the gains in international gold and silver prices widened.
As of 15:05 Beijing time on the 21st, the August-delivery gold futures price on the New York Mercantile Exchange (COMEX) was reported at $4,081.70 per ounce, up 1.64%; the September-delivery silver futures price was reported at $59.13 per ounce, up 3.61%.

　　China News Network (Zhongxin Jingwei) reported on July 21 that the five major U.S. technology companies’ “invisible debts” have reached $1.65 trillion.
　　According to a report by the Chinese-language website of Nikkei, investments in AI that do not appear on the balance sheets of major U.S. technology companies are swelling.
　　Focusing on five U.S. companies—Alphabet, which owns Google; Microsoft; Amazon; Meta; and Oracle—and using data from their most recent quarter (some figures estimated), the study counted each company’s combined “invisible debts.” It found that the debts not recorded on the asset-liability sheets of the five companies (off-balance-sheet liabilities) totaled $1.65 trillion, increasing eightfold within about four years. Among them, Meta’s off-balance-sheet liabilities were about $420 billion, reaching 2.8 times its actual debt.

Moon Jisung, South Korea’s deputy finance minister, said on Tuesday that the won could rise further, driven by an expected increase later this year in corporate selling of forward U.S. dollars.
The won has strengthened against the U.S. dollar recently, but it is still below the level warranted by South Korea’s economic fundamentals.
Moon said South Korea expects a “major shift” in capital flows in the second half of the year; market conditions showing, for example, U.S. dollar inflows related to SK Hynix ADRs indicate that broader shifts in market capital flows are taking place.
Moon said he expects third-quarter corporate selling of forward U.S. dollars to increase further; he also predicted that South Korean companies will raise the size of their spot and forward U.S. dollar selling, especially in the semiconductor industry.

By creating a Baidu Maps desktop shortcut, users can quickly launch the app and conveniently use features such as navigation and search, effectively improving travel efficiency. With just a tap on the icon, you can instantly access the services you need. Next, we will introduce the specific setup steps to help everyone use this practical feature more efficiently, making everyday commuting smoother and worry-free.
1. Click the button at the top-right corner to open it.
2. Finally, choose “Create desktop shortcut” and complete the settings as needed.

每经记者｜张梓桐????每经编辑｜余婷婷????
“If over the past five years, the main theme of AI (artificial intelligence) has been ‘digital intelligence’—enabling machines to see, hear, speak, and even create—then the key proposition for the next five years is ‘physical intelligence’—enabling machines to perceive, decide, and act in the real world.” On July 19, Yang Xinwei, General Manager of NetEase Lingdong, said this in an interview with the (Economic Daily).
Inside the 2026 World Artificial Intelligence Conference (WAIC) at the Shanghai Expo Exhibition Hall, visitors flocked to the remote intelligent control platform at NetEase Lingdong’s exhibition area. Inside the cockpit, a staff member held the steering wheel; his thumb hovered above a red emergency stop button. On the split-screen display, the mechanical bucket was making precise rises and falls among coal piles—entering, rotating, unloading—every move flowing seamlessly. He was controlling real production-site equipment from hundreds or thousands of miles away, including those at power plants and ports.

On July 20, Longyang Electronics fell 15.59%. The trading value was RMB 715 million, the turnover rate was 5.10%, and the total market capitalization was RMB 13.047 billion.
Anomaly analysis
PET copper foil + Foxconn concept + Apple concept + consumer electronics concept + new energy vehicles
1. The company is a specialized manufacturer of electromagnetic shielding materials, mainly engaged in the R&D, production, and sales of electromagnetic shielding materials. Its subsidiary, Fuyang Electronic, primarily masters helical wound vacuum magnetron sputtering and composite coating technologies, and can process front-end processes such as vacuum magnetron sputtering of electromagnetic shielding materials and electroplating.
2. 2023 annual report: The company’s high-quality customers include well-known consumer electronics manufacturers such as Foxconn, Quanta, Compal, Wistron, Inventec, Luxshare Precision, Yancheng Precision, and Dongshan Precision.